Thesis Updated May 2026

Metrics

Fundamentals snapshot. Cash, debt, revenue, equity, and contracted capacity across all seven AI infrastructure operators.

$132B
Contracted Revenue
7.5 GW
Power Under Contract
670 MW
Deployed Today
$132B
Combined Market Cap
1.00x
Infrastructure
APLD
Applied Digital
$13.2B
Market Cap
Power Capacity
100 MW live 1,200 MW contracted 3.1 GW pipeline
Contracted Revenue $31B
EV/Contract 0.52x
Term 15 years
Counterparties
CoreWeave Oracle IG Hyperscaler
Cash $2.1B
Debt $5.15B
Revenue $127M
Equity $1.58B
Q3 FY26 + May 4 bridge + May 20 PF3 lease
GLXY
Galaxy Digital
$11.7B
Market Cap
Power Capacity
0 MW live 800 MW contracted 2.7 GW pipeline
Contracted Revenue $15B
EV/Contract 0.70x
Term 15 years
Counterparties
CoreWeave
Cash $2.6B
Debt $1.4B
Profit -$216M
Equity $2.78B
Q1 2026 (Mar 31, 2026); first Helios hall delivered Apr 2026
CIFR
Cipher Digital
$9.4B
Market Cap
Power Capacity
0 MW live 907 MW contracted 3.3 GW pipeline
Contracted Revenue $11.4B
EV/Contract 0.91x
Term 10-15 years
Counterparties
AWS Fluidstack IG Hyperscaler
Cash $4.25B
Debt $5.21B
Revenue $34.8M
Equity $0.7B
Q1 2026 (Mar 31, 2026)
WULF
TeraWulf
$12.3B
Market Cap
Power Capacity
60 MW live 620 MW contracted 3.2 GW pipeline
Contracted Revenue $17B+
EV/Contract 0.88x
Term 10-25 years
Counterparties
Fluidstack Core42 Google
Cash $3.1B
Debt $5.3B
Revenue $34.0M
Equity -$79M
Q1 2026 (Mar 31, 2026) + May 26 Muskie
RIOT
Riot Platforms
$9.9B
Market Cap
Power Capacity
5 MW live 50 MW contracted 1.7 GW pipeline
Contracted Revenue $1.6B+
EV/Contract 6.5x
Term 10-25 years
Counterparties
AMD
Cash $283M
Debt $854M
Revenue $167M
Equity $2.6B
Q1 2026 (Mar 31, 2026)
Adjacent (GPU Cloud)
IREN
IREN Limited
$21.3B
Market Cap
Power Capacity
310 MW live (mixed use) 260 MW contracted 5.0 GW pipeline
Contracted Revenue $13.1B
EV/Contract 1.66x
Term 5 years
Counterparties
Microsoft NVIDIA
Cash $2.6B
Debt $3.7B
Revenue $144.8M
Equity $2.5B
Q3 FY26 (Mar 31, 2026) + May 7 NVIDIA partnership
NBIS
Nebius Group
$53.8B
Market Cap
Power Capacity
170 MW live 3.5 GW contracted 1.3 GW pipeline
Contracted Revenue $44B
EV/Contract 1.10x
Term 5+ years
Counterparties
Microsoft Meta
Cash $9.3B
Debt $4.34B
Revenue $399M
Equity $7.2B
Q1 2026 (Mar 31, 2026) + May 20 Bloom